Day Ahead

Tuesday, July 30, 2013, Marketing Communication Opening Call The FTSE is seen opening up around 30 points higher this morning UK Corporate Announcements Next states that it has seen little change in the consumer environment but tightens and increases its full year profit targets Tullet Prebon announces an H1 adjusted pre-tax profit of £62.8m with revenues of £439m and states that it is prudent to expect the market conditions to stay challenging Weir Group reports an H1 operating profit of £193m on revenues of £1.2bn and states that market conditions continue to be challenging Elementis details an H1 pre-tax profit of $67.5m from $75m last year, on revenues of $388m and sees H2 in line with the market expectations Barclays announces an adjusted H1 pre-tax profit of £3.59bn from £4.45bn and details that it does intend to raise £5.8bn in a rights offering and states it continues to remain cautious on the environment Informa details an H1 operating profit of £162m largely in line, and maintains its full year targets and sees tentative signs of improvements in the tough environment Domino’s Pizza reports an H1 adjusted pre-tax profit of £25.7m up 10% on sales up 14% to £326.5m and details its CFO is to retire next year BP reports a Q2 adjusted pre-tax profit of $2.71bn, under the forecasts of $3.4bn, stating the earnings were affected by lower post tax income from Russia ITV announces H1 revenues gained 2% to £1.309bn and an adjusted EPS of 5.3p GKN reports an H1 pre-tax profit of £134m down from £279m and states that some end markets remained challenging but that it sees a stronger H2 ahead UK News The Independent details that metro bank, the first new bank to appear in the UK high street for more than 100 years, saw its account gain by 54% in H1, but that it was yet to reach breakeven Vodafone launches its public takeover offer for Kabel Deutschland at €84.50/share in cash plus a €2.5/share dividend and that the acceptance period ends September 11 UK Analyst Changes Aberdeen Cut To Equalweight Vs Overweight At Morgan Stanley Man Group Cut To Neutral Vs Buy At Bofaml UK Insider Buying Synectics Plc, (SNX), 1 insider(s) bought 7300 shares, £4.1 Trap Oil Group Plc, (TRAP), 1 insider(s) bought 180000 shares, £0.11 UK Insider Selling Britvic Plc, (BVIC),  insider(s) sold 130000 shares, £5.19 Bt Group Plc, (BT/A),  insider(s) sold 19822 shares, £3.35 FTSE 100 Movers Major European Companies Reporting Banco Comercial Portugues SA, S1, 0,  Danone SA, S1, 1.479,  Distribuidora Internacional de Alimentacion SA, S1, 0,  Galp Energia SGPS SA, S1, 0,  Hammerson PLC, S1, 0.117,  Intertek Group PLC, S1, 0.629,  JCDecaux SA, S1, 0.38,  Reckitt Benckiser Group PLC, S1, 1.184,  Ryanair Holdings PLC, Q1, 0.061,  Sika AG, S1, 54.65,  TNT Express NV, Q2, 0.077 European Market Summary The FT writes that investors have already started to cool on any planned Publicis-Omnicom tie up, as it would put the likes of Coca-Cola and Pepsico as using the same ad group The European unemployment rate stays near a record high, despite the recession ending in the region Europe has one of the busiest corporate reporting days of the year due ahead, with the likes of Banco Santander, Fiat, Vinci, Man, Infineon and Deutsche Bank amongst those due to update the market Irish press details how Pricewaterhouse Coppers is facing a €1bn lawsuit alleging negligent auditing of Quinn Insurance’s accounts over several years, brought by the liquidators of Quinn Insurance America Movil has now ended its relationship agreement to keep its stake in KPN under 30%, giving Carlos Slim the opportunity to make a move for the Dutch telecom group Italy sells €6.75bn in Bonds at 11:00 Global Market Footprint Major US Stock Movers After Hours PMC Sierra came off 7% as it announces a Q2 Adjusted EPS largely in line, but with revenues that missed the forecasts S&P 500 Companies Reporting Anadarko Petroleum Corp, Q2, 0.905,  Eastman Chemical Co, Q2, 1.634,  Express Scripts Holding Co, Q2, 1.103,  FMC Corp, Q2, 0.94,  Franklin Resources Inc, Q3, 0.848,  Hartford Financial Services Group Inc, Q2, 0.71,  Jacobs Engineering Group Inc, Q3, 0.841,  Loews Corp, Q2, 0.73,  Masco Corp, Q2, 0.198,  Northeast Utilities, Q2, 0.519,  Plum Creek Timber Co Inc, Q2, 0.234,  Roper Industries Inc, Q2, 1.297,  Simon Property Group Inc, Q2, 2.07,  XL Group PLC, Q2, 0.611 US Market News JP Morgan is in the news as the US regulator alleges that it manipulated the power market AIG confirms that it will from September stop servicing retail deposit accounts, return funds and close accounts as the Dodd Frank act puts limits on insurers with deposit taking units The NY Times details how the lawyers for Fabrice Toure, the former Goldman Sachs trader accused of fraud, started their defence yesterday at 11:47, but rested by 11:48, calling no witnesses as they stay confident in their legal defence against the case brought by the government Time Warner cable confirms it has pulled some CBS programming from its customers citing ‘outrageous demands’ for fees from CBS Overnight Market News The Telegraph writes that Prince Alwaleed has stated publicly that the region needs to wean their economies off energy exports immediately or spiral into decline, as the shale ‘revolution’ ends the global economy’s previous reliance on OPEC The founder of AMMB Holdings, the Arab-Malaysian banking group, was shot dead in Kuala Lumpur yesterday in what police state may have been a business-related attack Top FX The yen weakened a touch in the past session as the safe haven buying seen in recent days eases as the local stock market gains Economic Data Due 09:30 UK June Mortgage Approvals, 59.2k exp. 58.2k previous 15:00 US June Pending Home Sales m/m, -1.2% exp. 6.7% previous Economic Events No Major Events Detailed UK Mortgage Approvals CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes FTSE 100 Call as at 6:45am Analyst Changes, as at 6:30am Times given are UK Local Time, (GMT or GMT +1 during BST) Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). 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